OK Steve just been since less than 15 days since this thread was up--so will bring it back from archives to see if you now have any videos or other data you'd like to add that you when on topic.
http://www.madjacksports.com/forum/showthread.php?t=358028
lets take a look at a few facts--
Who was responsible for passing law that allowed banking to collapse by recinding prior safegaurds? Answer BillyBob
http://query.nytimes.com/gst/fullpag...C1A96F9582 60
Who did Dems put in charge of of Banking Commitee in 06--Dodds
http://www.iht.com/articles/2006/11/...iness/dodd.php
--and speaking of Dodds lets follow the money--
in addition to him being under investigation currently for sweet heart deals from Freddie and Fannie on 3 of his personal mortages--
2 highest Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
(note this is 8 year period and O was only in there 4 of 8 years)
Name Office State Party Grand Total Total from
PACs Total from
Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
+++++++++++++++++++++++++++++
ok what about this admin--
McCain
Then in 2005 John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005.
The Bill was never passed. John McCain addressed the floor on May 26th, 2006. Here is an excerpt:
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation
Dems would NOT let bill come to vote
++++++++++++++++++++++++++
---and what about GW?
excuse me this will be lenthy-lets go by year--sorry no videos
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is ?a potential problem,? because ?financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.?
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that ?although investors perceive an implicit Federal guarantee of [GSE] obligations,? ?the government has provided no explicit legal backing for them.? As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (?Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,? OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact ?legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises? and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any ?legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.? To reduce the potential for systemic instability, the regulator would have ?broad authority to set both risk-based and minimum capital standards? and ?receivership powers necessary to wind down the affairs of a troubled GSE.? (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: ?The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore?should be replaced with a new strengthened regulator.? (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to ?not take [the financial market's] strength for granted.? Again, the call from the Administration was to reduce this risk by ?ensuring that the housing GSEs are overseen by an effective regulator.? (N. Gregory Mankiw, Op-Ed, ?Keeping Fannie And Freddie's House In Order,? Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying ?We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.? (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America? Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying ?first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.? (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August ? up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month ? the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying ?These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs ? and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.? (President George W. Bush, Discusses Housing, The White House, 12/6/07)
--any rebutals--
